Savings Interest Calculator
See how much interest a savings account or fixed deposit earns at a given AER or APY.
Balance at the end
Interest earned
The formula
Balance = deposit x (1 + rate)^years, using the yearly effective rate (AER in the UK, APY in the US).
Example: 10,000 at 4.5% for 2 years becomes 10,920.25, so you earn 920.25. Tax on interest and rate changes are not included.
Frequently asked questions
What is the difference between AER and APY?
They mean the same thing: the yearly rate including compounding.
Are rates fixed?
Only on fixed-term deposits. Easy-access rates can change.
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Last updated October 2026. For information only, not financial advice.